Latest version - 13 Sept 2023
Outline
- Video summary
- Budget / business model
- CIP Full text
- Overview
- Budget
- Team
- Property Selection
- FAQ
- 90 Day Plan
- Post-close
- Property Multisig
Overview
This CIP authorizes the purchase of a multi-functional space in Denver, Colorado that will serve prominently as CityDAO’s City Hall. The space will be collectively owned by CityDAO and available for Citizens to co-work in, serving as a home base for Citizens to build especially during ETH Denver.
The space can be opened up (or rented out) for events, hackathons, build weeks, and used as co-working to achieve a sustainable business model. This CIP allows for the acquisition of the property but does not force CityDAO to acquire one or operate any specific activities.
Potential Uses & Benefits
Once acquired, the following uses can be immediately considered:
- Flexible co-working space for Citizens - the “City Hall” for CityDAO.
- Community events, hackathons, and educational programs.
- Develop local partnerships and sponsorships.
- Any other community-led initiatives that align with CityDAO’s values and objectives.
- Citizen Benefits where permitted
By securing the property, this CIP provides CityDAO with the flexibility to explore various optional avenues for community engagement, innovation, and revenue generation, as deemed fit and approved by the DAO’s governance mechanisms.
Budget:
Total Allocation: $1,630,000
- Property Cost: Up to $1.5M
- Released by multisig upon final property selection
- Operating Expenses Reserve Fund: $100k (property taxes, utilities, maintenance, other operating related expenses)
- Released by multisig upon final property selection
- Project Budget: $30k (travel, legal, brokers, furnishing, etc)
- Released by multisig upon passage of this CIP
- If we the full Property Cost is not spent, up to 10% of the extra funds may be allocated to the OpEx Reserve Fund
- Flexible allocation
- The budget outlined is based on current estimates and while it will not exceed 1.63m, may be re-allocated within these categories based on actual needs and unforeseen circumstances. Upon approval from the multisig signatories, the team may redistribute funds between budget categories (Property Cost, Operating Expenses Reserve Fund, Project Budget) up to a limit of 10% of the total allocation without requiring an amendment to this CIP.
Project Team:
This project is fundamentally a DAO-driven initiative and CityDAO citizens retain the ultimate authority and responsibility for the project. While the DAO provides oversight and final approvals, a dedicated Project Team is in place to execute on the DAO’s directives and manage day-to-day operations. The Project Team serves as an extension of CityDAO, carrying out the technical, operational, and strategic tasks necessary to bring the project to fruition.
Team Members:
Scott: Lead Coordinator
Roles: Property tours, broker liaison, contract management, and other necessary duties.
Lyons: Strategy & Operations
Roles: Community engagement, space utilization, and other necessary duties.
Specialists: Legal advisors, property managers, and architects
Roles: To be hired from the project budget as needed.
HQ Task Force: Community Liaisons
Roles: Real-time updates, property vetting, and community feedback
Note: While the Project Team will endeavor to select and operate the best possible space, there are no guarantees concerning the quality of the space, revenue generation, or specific use of the space.
Property Selection:
Selection Criteria:
- Convenient access from ETH Denver venues
- Newer or remodeled construction that is low maintenance
- Size and layout conducive for co-working and events
- High quality space with good natural light
Selection Process:
Here is a sample selection process and criteria: Property Selection Process and Criteria
While the criteria and sample process outlined are designed to guide the property selection towards the most favorable outcome for CityDAO and its members, it is understood that unique opportunities and challenges may arise. Therefore, the Project Team reserves the right to adjust these parameters as deemed necessary for the benefit of the project and community.
Sample Properties
1641 California St, Denver, CO 80202
5134 W 29th Ave, Denver, CO 80212
90 Day Plan - Tentative Sample
0-30 days: After the CIP passes, a search will immediately begin for properties. Scott, Lyons, and other interested Citizens will fly out to Denver and tour properties to get a feel for the market and our options. The initial $30k will be converted to fiat for travel to Denver, broker fees, and in preparation for making a deposit. We’ll start sharing our favorite properties with Citizens in Discord.
30-60 days: Narrow down the list of properties. Record video tours of the properties, do diligence and put together a plan on the estimated costs and benefits of owning each of the properties. For each property, we will compile a report, video tour, and share them for feedback with the DAO.
60-90 days: If a promising property is identified, we will present it to the DAO on a community call for feedback, questions, and comments. After identifying one we are excited about, we will ask the DAO to do an informal “temp check” vote on that property (not a CIP). If the vote passes, the multisig will offramp up to $1.5m for purchase of the property and transfer $100k in reserve funds to
the Property Multisig.
Post-close
After closing on the property, we will plan a CityDAO Build Week where we will invite citizens to come set up the space and help with furnishing, signage, and decorations. We will also try to involve remote Citizens who cannot attend in person for things like design and ideas for the space. Budget permitting, we can subsidize travel and lodging for interested Citizens.
Property Governance and Oversight Multisig
After acquisition, the property will be overseen by a multisig consisting of Scott, Lyons, and one independent member appointed by the CityDAO Multisig or CityDAO Council if the CIP authorizing its creation passes. They will steward the reserve funding in the multisig, from which they will handle things like property management, taxes, and ops hires. Property Multisig shall make best efforts to ensure the property is well kept and managed.
Contingency Plans
If City Hall is unable to sustain ongoing operations due to lack of revenue, management conflict,
or other unforeseen circumstances, then the property shall be sold and all funds returned to the CityDAO treasury.
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Full, revised CIP (as of Weds, Aug 23rd 2023)
Original text:
CityDAO CIP-187: City Hall | Overview from Vimeo.
Overview
This CIP authorizes the purchase of an office and event space in Denver, Colorado that will serve prominently as CityDAO’s City Hall. The space will be collectively owned by CityDAO and available for Citizens to co-work in for free, serving as a home base for Citizens to build especially during ETH Denver.
While not required, the space can be opened up (or rented out) for events, hackathons, build weeks, and used as co-working to achieve a sustainable business model. Lyons has expressed interest in helping make that possible, since he has already done some planning as part of the DAO Labs project.
Budget:
$1.630,000. Up to $1.5m for the property purchase, $100k in reserve for property taxes, utilities, and other expenses that may arise, and $30,000 for project expenses (like inviting Citizens to tour properties, legal expenses, furnishing the property if we close etc).
The $30k project budget will be converted to fiat immediately after passage of the proposal. The $1.5m + $100k will be converted to fiat after property selection.
Project Team:
Citizens will be involved along the entire way, from touring properties in Denver to helping furnish and decorate the space once we close on it. Scott will take responsibility for coordinating with brokers, organizing tours, signing paperwork, and doing a basic level of diligence on the properties, though he makes no guarantees about the condition or quality of the property (but will do his best to find an amazing space for Citizens). Scott will collaborate with Lyons who has laid some groundwork for running a space like this through the DAO Labs project.
Property Selection:
Upon passage of this CIP, Citizens who express interest in the project will be placed in an HQ Task Force channel and kept up to date with all happenings and invited to tour properties IRL (depending on # of citizens and budget) and virtually. Scott and Lyons will fly to Denver for 1-2 weeks to tour properties and other Citizens can also join for tours (budget permitting).
Scott will take advice and recommendations from the HQ Task Force in selecting the final property, sharing them for feedback and discussion in the Discord channel, and will then post the selected property on Snapshot for a full DAO vote (with no forum period or quorum, since this CIP already allocates the funds and approves a purchase).
Sample Properties:
Loopnet search:
FAQ:
This is a lot of money. Is it worth it?
I believe buying this space will create more momentum for CityDAO in the long run. The alternative is CityDAO continues to fund tiny projects and online-only initiatives that don’t build any lasting value or accomplish anything remarkable.
This will bring Citizens together IRL and be one of the most significant DAO-owned assets. Real estate is also a historically stable asset, and can be sold for cash if needed.
Why Denver?
Denver is the closest thing to the crypto capital, with the largest crypto conference ETH Denver happening there once a year. Denver also has reasonable property values at least compared to NYC and SF.
While Denver is not the perfect location for each of us individually, it is the optimal across all Citizens, since a large number of us have a reason to go to ETH Denver, there’s an international airport there, and Denver is the gateway to Wyoming (all flights to Cody, where Parcel 0 is, go through Denver)
